KUALA LUMPUR: The ringgit opened almost flat against the greenback as the US Federal Reserve (Fed) is expected to maintain its hawkish monetary policy stance.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid told Bernama that the consensus anticipates the US Federal Reserve to maintain its hawkish stance in its monetary policies.
As such, he expects the ringgit to remain weak versus the US dollar.
Conversely, the ringgit was traded higher against a basket of major currencies.
At 9.05 am, the local note eased to 4.6835/4.6890 against the US dollar from yesterday’s close of 4.6825/4.6850.
It appreciated against the Japanese yen to 3.1759/3.1798 from 3.1769/3.1789 at the close yesterday, rose against the British pound to 5.8132/5.8200 from 5.8405/5.8436 yesterday, and edged up against the euro at 4.9842/4.9900 from 5.0234/5.0261 previously.
At the same time, the local note traded mixed against other Asian currencies.
It appreciated vis-à-vis the Singapore dollar to 3.4326/3.4369 from 3.4402/3.4423 at yesterday’s close and was up against the Philippine peso at 8.24/8.26 from 8.25/8.26 previously.
It was almost unchanged against the Indonesian rupiah at 304.9/305.5 from 304.9/305.2 yesterday and depreciated against the Thai baht to 13.0897/13.1109 from 13.0792/13.0902 previously. - FMT
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